XRP Price Prediction for December 2, 2024, Amid $256M of Inflow
XRP, Ripple’s native token, achieved a major milestone by surpassing the $2 level for the second time since January 2018. With its impressive performance, bulls are likely to push this rally until it reaches the $3 mark.
Will XRP Price Rise Continue?
With XRP’s latest achievement, whale and investor participation has skyrocketed, prompting a common question: will this rally continue, or is there a chance of a price pullback in the coming days?
$256M XRP Inflow, Sell-Off Is Coming?
On-chain analytics company coin glass There have been recent reports that whales and institutions have been dumping millions of dollars worth of XRP onto exchanges amid the ongoing bull rally. According to Coinglass’ XRP spot inflow/outflow data, the exchange witnessed a massive inflow of $256.3 million over the past three days.
This large inflow indicates that whales and institutions have moved their holdings to exchanges. In the cryptocurrency space, such inflows often signal a potential sell-off and an upcoming price drop.
Traders are strong on the long side
Coinglass said that in addition to whale participation, traders also appeared more optimistic, betting heavily on long positions. At press time, the XRP long/short ratio on the four-hour time frame was 1.98, indicating strong bullish sentiment among traders.
Currently, 66.5% of the top traders on each exchange hold long positions and 33.5% hold short positions. The data suggests that bulls are in the driver’s seat among altcoins in the short term, which could support continued XRP gains towards $3.
XRP Technical Analysis and Upcoming Levels
Analysis of these on-chain indicators suggests that bulls are currently in control and could support Ripple Prices and the ongoing rally. However, whale and institutional activity, as well as $256.3 million worth of XRP selling, point to a possible price correction in the coming days.
XRP Price Prediction
According to technical analysis from CoinPedia, XRP has broken above the much-anticipated $2 resistance level. After this breakout, a surge to $3.15 is likely in the coming days. However, the price may undergo a minor correction or breakout retest before continuing its rise towards the $3 mark.
Currently, XRP is trading close to $2.17, with the price rising by more than 15% in the past 24 hours. During the same period, its trading volume fell by 14%, indicating that trader and investor participation was lower than in previous days.
